Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me with this problem thank you very much GROUP SIX Sunday having been unable to balance his trial balance at 31st December 2004,

image text in transcribedPlease help me with this problem thank you very much

GROUP SIX Sunday having been unable to balance his trial balance at 31st December 2004, opened up a suspense account and entered in it the amount he was out of balance. The debits had exceeded the credits by K736 000. The following errors were subsequently discovered: (iii) An allowance to a debtor Saturday, of K265 000 was entered in his account as K256 000. The total of the discount received column in the cash book for the month of December K237 000 had not been posted. K500 000 representing the sale proceeds of a machine scraped had been passed through the sales account. A balance of K268 000 owing by a debtor, Monday, had been omitted from the trial balance at 31st December 2004. A bank overdraft of K313 000 had been entered in the trial balance as K331 000. Sale of goods for K1 000 000 to Tuesday on credit had been completely missed from the books. Discounts received balance of K379 000 had been entered in the trial balance as K397 000 (debit balance) (v) (vi) (vii) You are required to show the suspense account after the rectification of all errors and to show the entries to be made to correct the errors which do not pass through the suspense account

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using Microcomputers In Managerial Accounting

Authors: George Hildebrand

1st Edition

0938188275, 978-0938188278

More Books

Students also viewed these Accounting questions